Yellen Embraces Carbon Market Potential With Integrity Push (1)

The Biden administration unveiled a framework for using carbon offsets to drive climate progress, with principles it says are meant to help ensure the trading regimes deliver real emissions reductions — not a green mirage.

The documents released Tuesday by top cabinet officials, including Treasury Secretary Janet Yellen, take the controversial step of recommending companies be able to use carbon credits to offset a portion of their so-called Scope 3 emissions, those generated by their suppliers and customers.

In other respects, the guidelines largely align with those developed by prominent industry-led governance bodies. They amount to an endorsement of ...